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Special FD schemes offering higher interest rates ending on March 31 -- Details here
The special FD schemes were introduced by the State Bank of India (SBI), ICICI Bank, Bank of Baroda and HDFC Bank two years ago.
Highlights
- The scheme provides senior citizens with a chance to get better returns on their investments than regular customers.
- Banks had earlier introduced the scheme for a select period.
- Bank of Baroda is also offering a higher interest on fixed deposit investments made by senior citizen investors.
New Delhi: The last date to invest in special fixed deposit (FD) schemes for senior citizens offered by the Bank of Baroda and HDFC Bank is March 31, 2022. Interested senior citizen investors can put their money in the schemes to earn a higher interest rate on FD policies.
The FD schemes were introduced by State Bank of India (SBI), ICICI Bank, Bank of Baroda and HDFC Bank two years ago, amid the onset of the Covid-19 pandemic, to provide senior citizens with a chance to get better returns on their investments than regular customers.
Banks had earlier introduced the scheme for a select period. However, Bank of Baroda and HDFC Bank now appears to end the scheme on March 31, 2022. Both the banks are yet to announce if they will extend the deadline or not, according to a report by DNA.
HDFC Bank Senior Citizen Care FD
HDFC Bank had introduced the ‘HDFC Bank Senior Citizen Care FD’ plan to offer an additional 25 bps or 0.25% interest rate on Fixed Deposit investments with a maturity period of 5 to 10 years.
The extra 25 bps or 0.25% interest rate is in addition to the 50 bps or 0.50% interest rate offered to senior citizens on fixed deposit investments maturing between 5 to 10 years. Interested investors can put their money in the fixed deposit scheme till March 31, 2022. Also Read: PVR Ltd, Inox Leisure ink merger deal to create largest multiplex chain in India
Bank of Baroda FD Scheme for Senior Citizens:
Similar to HDFC Bank, Bank of Baroda is also offering a higher interest on fixed deposit investments made by senior citizen investors. BoB offers an additional 0.50% interest rate on FD investments maturing between 5 to 7 years. Also, the state-owned bank provides an additional 50 bps annual return on tax-saving FDs to senior citizens. Also Read: Consumer authority penalises Paytm Mall, Snapdeal for selling defective pressure cookers
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